MindWalk Holdings Corp. Reports Fiscal 2026 Results: Revenue Up 46% as the Company Completes Its Pivot to Bio-Native AI Infrastructure
Key Terms
adjusted ebitda financial
form 20-f regulatory
Full-year revenue rose
Fiscal 2026 was the year MindWalk completed its transition from building its technology to deploying it. Revenue grew
"We are not an AI company that discovered biology. We are a biology company that built AI on top of more than 40 years of biology heritage, and fiscal 2026 is the year the market began to see it in our results," said Dr. Jennifer Bath, President and Chief Executive Officer of MindWalk. "Revenue grew
Fiscal 2026 financial highlights
Year ended April 30 (in thousands of Canadian dollars, except per-share data). Preliminary and subject to filing of the Annual Report on Form 20-F.
Metric |
FY2026 |
FY2025 |
Change |
Revenue |
15,558 |
10,626 |
+ |
Gross profit |
9,148 |
5,731 |
+ |
Gross margin |
|
|
+4.9 pts |
Total operating expenses |
24,085 |
42,639 |
- |
Net loss, continuing operations |
(15,102) |
(33,147) |
+ |
Net loss for the year |
(13,949) |
(30,234) |
+ |
Loss per share, continuing |
(0.33) |
(0.99) |
+ |
Cash and restricted cash |
11,474 |
10,791 |
+ |
Operating-expense decrease primarily reflects the non-recurrence of approximately
Fiscal 2026 and recent business highlights
- Completed transformation into MindWalk Holdings Corp. from ImmunoPrecise Antibodies Ltd. in September 2025, aligning the corporate identity with the Company's Bio-Native AI strategy.
-
Delivered four consecutive quarters of year-over-year revenue growth during the year, capping full-year revenue growth of
46% , with fourth-quarter revenue up50% to$4.1 million $2.7 million -
Divested its
Netherlands subsidiary, ImmunoPrecise Antibodies (Europe ) B.V., to AVS Bio (a portfolio company of Arlington Capital Partners) in a transaction announced in August 2025, generating proceeds on disposal of approximately$14.3 million -
Authorized a share repurchase program of up to 2.3 million common shares (approximately
5% of shares then outstanding) for the 12 months commencing October 15, 2025; the program is discretionary. - Nasdaq compliance regained organically. Restored Nasdaq listing compliance without a reverse split or dilutive financing.
- First recurring platform revenue. Signed the Company's first two contracted, recurring enterprise LensAI™ agreements during the year (one in the second half, one in Q4) - the first recurring platform revenue in the Company's history.
- Clinical track record. The discovery platform has contributed to 20+ molecules reaching the clinic, backed by 400+ peer-reviewed publications and issued patents (credibility framing - these are client-owned assets).
Subsequent events
- Commercial launch of ReefIQ™ in June 2026 expands MindWalk’s BioIntelligence platform, the biological context layer for life sciences, powered by HYFT® Technology, enriching biological data at ingestion and exposing governed, queryable context to LensAI and customer-selected models and agents.
- Filed a European patent application in June 2026 covering a high-dimensional biological data structure underpinning HYFT® Technology
- Russell index inclusion. Added to the Russell 3000E and Russell Microcap Indexes, effective after the U.S. market close on June 26, 2026 (subsequent event) - broadening institutional visibility.
The MindWalk platform
MindWalk built a biological representation over 20 years of curation, 660 million biological patterns connected by 25 billion relationships, that turns raw biological data into a form any AI model or autonomous agent can reason over reliably. HYFT® Technology powers ReefIQ™, the biological context layer for life sciences: pharma uploads their data, MindWalk enriches it at ingestion, the biological representation refines it continuously, and LensAI™, together with customer-selected models and agents, reasons over that enriched context within the customer's own workflow, governance, and human review.
The competitive asset is not the models MindWalk runs; it is the layer those models run on. Every program a customer runs enriches every prior program, and failed programs become queryable intellectual property. The data layer is the durable asset. The model layer becomes disposable.
Financial results
Fourth quarter 2026 Financial Results
Revenue for the fourth quarter of fiscal 2026 was
Operating expenses were
Research and development expense increased from
Sales and marketing expenses increased from
General and administrative expense was
Net loss from continuing operations was
Full year 2026 Financial Results
Revenue for fiscal year 2026 was
Operating expenses were
Research and development expense increased by
Sales and marketing expenses increased by
General and administrative expenses increased by
Net loss from continuing operations was
Total cash, cash equivalents, and marketable securities, including restricted cash, were
The reconciliation of Net Loss of continuing operations to Adjusted EBITDA is presented in the table below:
|
|
Three months ended April 30, |
|
|||||
(in thousands) |
|
2026 $ |
|
|
2025 $ |
|
||
Net loss |
|
|
(3,865 |
) |
|
|
(3,436 |
) |
Income taxes |
|
|
(367 |
) |
|
|
(76 |
) |
Amortization and depreciation |
|
|
238 |
|
|
|
198 |
|
Accretion |
|
|
— |
|
|
|
5 |
|
Asset impairment |
|
|
— |
|
|
|
— |
|
Foreign exchange realized gain (loss) |
|
|
36 |
|
|
|
(9 |
) |
Interest expense |
|
|
54 |
|
|
|
(114 |
) |
Interest and other income (expense) |
|
|
(17 |
) |
|
|
(6 |
) |
Loss on disposal of Europe B.V. |
|
|
— |
|
|
|
— |
|
Unrealized foreign exchange gain (loss) |
|
|
(81 |
) |
|
|
391 |
|
Share-based expense |
|
|
810 |
|
|
|
53 |
|
Adjusted EBITDA |
|
|
(3,192 |
) |
|
|
(2,994 |
) |
*All financial figures are in Canadian Dollars (CAD) unless otherwise stated.
About MindWalk
MindWalk Holdings Corp. (NASDAQ: HYFT) is a Bio-Native AI company building the BioIntelligence infrastructure that life sciences AI and agentic AI require, integrating AI, data, and advanced wet lab capabilities into one connected discovery ecosystem. At its core is HYFT® Technology, a proprietary, function-aware representation of biology. Its HYFT fingerprints span sequence and structural biology and, refined over 20 years of curation, form a continuously evolving biological representation of 660 million patterns and 25 billion relationships. This enriched biological representation is the architecture behind ReefIQ™, the biological data substrate that provides context for life sciences, enriching data at ingestion and growing more valuable with each program run on it, and LensAI™, the reasoning and application layer for target discovery, candidate diligence, portfolio decision support, and the agentic AI workflows pharma is racing to deploy. By design, value compounds in this HYFT representation layer, not in any individual AI model that runs on top of it.
Contacts and trademarks
Investor Contact:
Louie Toma, CPA, CFA
Managing Director, CoreIR
investors@mindwalkAI.com
Trademarks: HYFT® is a registered trademark of MindWalk Holdings Corp. LensAI™, ReefIQ™, HYFT Base™, HYFT Matrix™, HYFT Prime™, and B cell Llama™ are trademarks of MindWalk Holdings Corp. or its subsidiaries; ReefIQ™ registration is pending. All other trademarks are the property of their respective owners.
Forward-looking statements
This press release contains forward-looking statements within the meaning of applicable United States and Canadian securities laws. Forward-looking statements are based on management's current expectations and assumptions and are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially, including: risks relating to the Company's history of net losses and its ability to achieve or sustain profitability; the level and trend of operating cash usage and the Company's ability to fund operations; the market acceptance and commercial outcomes of ReefIQ™ and LensAI™, including the ability to convert engagement into contracted, recurring arrangements; the build-out and certification of compliance capabilities for regulated workloads; the technical performance of AI-based discovery methods and of the underlying compute infrastructure; the outcomes and financial effects of the divestiture of non-core operations; intellectual property risks, including the status and scope of pending patent applications; the ability to enter into pharmaceutical, infrastructure, or other partnership arrangements; competition; regulatory determinations; and capital markets conditions. Additional information is available in MindWalk's Annual Report on Form 20-F and other filings on SEDAR+ (sedarplus.ca) and EDGAR (sec.gov/edgar). ]
MINDWALK HOLDINGS CORP. CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Expressed in Canadian dollars) |
||||||||||||||||
|
|
3 months ended April 30, |
|
|
Year ended April 30, |
|
||||||||||
(in thousands, except share data) |
|
2026 $ |
|
|
2025 $ |
|
|
2026 $ |
|
|
2025 $ |
|
||||
REVENUE |
|
|
4,115 |
|
|
|
2,747 |
|
|
|
15,558 |
|
|
|
10,626 |
|
COST OF SALES |
|
|
1,620 |
|
|
|
1,155 |
|
|
|
6,410 |
|
|
|
4,895 |
|
GROSS PROFIT |
|
|
2,495 |
|
|
|
1,592 |
|
|
|
9,148 |
|
|
|
5,731 |
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
|
1,571 |
|
|
|
825 |
|
|
|
4,933 |
|
|
|
4,210 |
|
Sales and marketing |
|
|
1,530 |
|
|
|
884 |
|
|
|
5,939 |
|
|
|
3,638 |
|
General and administrative |
|
|
3,723 |
|
|
|
3,005 |
|
|
|
13,213 |
|
|
|
12,077 |
|
Impairment of Intangible assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21,184 |
|
Amortization of Intangible assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,530 |
|
|
|
|
6,824 |
|
|
|
4,714 |
|
|
|
24,085 |
|
|
|
42,639 |
|
Loss before other income (expenses) and income taxes |
|
|
(4,329 |
) |
|
|
(3,122 |
) |
|
|
(14,937 |
) |
|
|
(36,908 |
) |
OTHER INCOME (EXPENSES) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accretion |
|
|
|
|
|
(5 |
) |
|
|
— |
|
|
|
(10 |
) |
|
Grant and subsidy income |
|
|
(1 |
) |
|
|
— |
|
|
|
33 |
|
|
|
138 |
|
Interest and other (expense) income |
|
|
17 |
|
|
|
6 |
|
|
|
87 |
|
|
|
(296 |
) |
Loss on disposal of discontinued operations |
|
|
— |
|
|
|
|
|
|
(511 |
) |
|
|
— |
|
|
Unrealized foreign exchange (loss) gain |
|
|
81 |
|
|
|
(391 |
) |
|
|
(224 |
) |
|
|
(555 |
) |
|
|
|
97 |
|
|
|
(390 |
) |
|
|
(615 |
) |
|
|
(723 |
) |
Loss before income taxes |
|
|
(4,232 |
) |
|
|
(3,512 |
) |
|
|
(15,552 |
) |
|
|
(37,631 |
) |
Income taxes |
|
|
367 |
|
|
|
76 |
|
|
|
450 |
|
|
|
4,484 |
|
NET LOSS FROM CONTINUING OPERATIONS |
|
|
(3,865 |
) |
|
|
(3,436 |
) |
|
|
(15,102 |
) |
|
|
(33,147 |
) |
NET INCOME FROM DISCONTINUED OPERATIONS |
|
|
— |
|
|
|
1,275 |
|
|
|
1,153 |
|
|
|
2,913 |
|
NET LOSS FOR THE YEAR |
|
|
(3,865 |
) |
|
|
(2,161 |
) |
|
|
(13,949 |
) |
|
|
(30,234 |
) |
OTHER COMPREHENSIVE INCOME (LOSS) |
|
|||||||||||||||
Items that will be subsequently reclassified to statements of loss |
|
|||||||||||||||
Exchange difference on foreign operations |
|
|
(12 |
) |
|
|
763 |
|
|
|
40 |
|
|
|
1,139 |
|
COMPREHENSIVE LOSS FOR THE YEAR |
|
|
(3,877 |
) |
|
|
(1,398 |
) |
|
|
(13,909 |
) |
|
|
(29,095 |
) |
LOSS PER SHARE FROM CONTINUING OPERATIONS– BASIC AND DILUTED |
|
|
(0.08 |
) |
|
|
(0.08 |
) |
|
|
(0.33 |
) |
|
|
(0.99 |
) |
INCOME PER SHARE FROM DISCONTINUED OPERATIONS– BASIC AND DILUTED |
|
|
— |
|
|
|
0.03 |
|
|
|
0.02 |
|
|
|
0.09 |
|
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING |
|
|
46,711,866 |
|
|
|
45,800,481 |
|
|
|
46,381,559 |
|
|
|
33,385,499 |
|
MINDWALK HOLDINGS CORP. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian dollars) |
|||||||
(in thousands) |
April 30,
|
|
|
April 30,
|
|
||
ASSETS |
|
|
|
|
|
||
Current assets |
|
|
|
|
|
||
Cash |
|
11,348 |
|
|
|
10,665 |
|
Amounts receivable, net |
|
2,529 |
|
|
|
4,115 |
|
Tax receivable |
|
472 |
|
|
|
143 |
|
Inventory |
|
492 |
|
|
|
2,095 |
|
Unbilled revenue |
|
581 |
|
|
|
548 |
|
Prepaid expenses |
|
798 |
|
|
|
1,188 |
|
|
|
16,220 |
|
|
|
18,754 |
|
Restricted cash |
|
126 |
|
|
|
126 |
|
Deposit on equipment |
|
25 |
|
|
|
502 |
|
Property and equipment |
|
4,047 |
|
|
|
15,762 |
|
Deferred tax asset |
|
958 |
|
|
|
— |
|
Intangible assets |
|
— |
|
|
|
1,067 |
|
Goodwill |
|
— |
|
|
|
8,230 |
|
Total assets |
|
21,376 |
|
|
|
44,441 |
|
LIABILITIES |
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
||
Accounts payable and accrued liabilities |
|
4,178 |
|
|
|
5,283 |
|
Deferred revenue |
|
1,073 |
|
|
|
1,090 |
|
Tax payable |
|
81 |
|
|
|
475 |
|
Leases |
|
457 |
|
|
|
1,850 |
|
Deferred acquisition payments |
|
— |
|
|
|
314 |
|
|
|
5,789 |
|
|
|
9,012 |
|
Leases |
|
3,069 |
|
|
|
11,553 |
|
Deferred income tax liability |
|
769 |
|
|
|
250 |
|
Total liabilities |
|
9,627 |
|
|
|
20,815 |
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
||
Share capital |
|
137,263 |
|
|
|
136,371 |
|
Contributed surplus |
|
14,108 |
|
|
|
12,833 |
|
Accumulated other comprehensive income |
|
3,121 |
|
|
|
3,216 |
|
Accumulated deficit |
|
(142,743 |
) |
|
|
(128,794 |
) |
|
|
11,749 |
|
|
|
23,626 |
|
Total liabilities and shareholders’ equity |
|
21,376 |
|
|
|
44,441 |
|
MINDWALK HOLDINGS CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended April 30, 2026 and 2025 (Expressed in Canadian Dollars) |
|||||||
(in thousands) |
2026 $ |
|
|
2025 $ |
|
||
Operating activities: |
|
|
|
|
|
||
Net loss for the year including discontinued operations |
|
(13,949 |
) |
|
|
(30,234 |
) |
Adjustments not affecting cash: |
|
|
|
|
|
||
Accretion |
|
— |
|
|
|
10 |
|
Amortization and depreciation |
|
1,604 |
|
|
|
5,119 |
|
Asset impairment |
|
— |
|
|
|
21,184 |
|
Deferred income taxes |
|
(177 |
) |
|
|
(3,935 |
) |
Foreign exchange |
|
331 |
|
|
|
622 |
|
Gain on investment |
|
— |
|
|
|
(7 |
) |
Loss on disposal of subsidiary |
|
511 |
|
|
|
— |
|
Share-based expense |
|
1,275 |
|
|
|
445 |
|
|
|
(10,405 |
) |
|
|
(6,796 |
) |
Changes in non-cash working capital related to operations: |
|
|
|
|
|
||
Amounts receivable |
|
(1,592 |
) |
|
|
(298 |
) |
Inventory |
|
(53 |
) |
|
|
138 |
|
Unbilled revenue |
|
(690 |
) |
|
|
(248 |
) |
Prepaid expenses |
|
(397 |
) |
|
|
261 |
|
Accounts payable and accrued liabilities |
|
(216 |
) |
|
|
827 |
|
Sales and income taxes payable and receivable |
|
236 |
|
|
|
8 |
|
Deferred revenue |
|
654 |
|
|
|
(302 |
) |
Net cash used in operating activities |
|
(12,463 |
) |
|
|
(6,410 |
) |
Investing activities: |
|
|
|
|
|
||
Purchase of equipment |
|
(398 |
) |
|
|
(799 |
) |
Security deposit on leases |
|
— |
|
|
|
— |
|
Deferred acquisition payments |
|
(312 |
) |
|
|
— |
|
Proceeds on disposal of subsidiary |
|
14,255 |
|
|
|
— |
|
Net cash provided by (used in) investing activities |
|
13,545 |
|
|
|
(799 |
) |
Financing activities: |
|
|
|
|
|
||
Proceeds from share issuance, net of transaction costs |
|
897 |
|
|
|
12,228 |
|
Proceeds from debenture |
|
— |
|
|
|
4,242 |
|
Repayment of principal on leases |
|
(782 |
) |
|
|
(1,577 |
) |
Net cash provided by financing activities |
|
115 |
|
|
|
14,893 |
|
Increase (decrease) in cash during the year |
|
1,197 |
|
|
|
7,684 |
|
Foreign exchange |
|
(514 |
) |
|
|
(438 |
) |
Cash – beginning of the year |
|
10,791 |
|
|
|
3,545 |
|
Cash – end of the year |
|
11,474 |
|
|
|
10,791 |
|
Cash is comprised of: |
|
|
|
|
|
||
Cash |
|
11,348 |
|
|
|
10,665 |
|
Restricted cash |
|
126 |
|
|
|
126 |
|
|
|
11,474 |
|
|
|
10,791 |
|
Cash paid for interest |
|
— |
|
|
|
— |
|
Cash paid for income tax |
|
— |
|
|
|
2 |
|
Cash from discontinued operations: |
|
|
|
|
|
||
Net cash used in operating activities |
|
777 |
|
|
|
2,063 |
|
Net cash used in investing activities |
|
(100 |
) |
|
|
(311 |
) |
Net cash used in financing activities |
|
(359 |
) |
|
|
(1,299 |
) |
Source: MindWalk Holdings Corp.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260722945364/en/
Investor Contact:
Louie Toma, CPA, CFA
Managing Director, CoreIR
investors@mindwalkAI.com
Source: MindWalk Holdings Corp.